AllianceBernstein National Municipal Income Fund Releases Monthly Portfolio Update

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Metropolitan Transportation Authority  (Metropolitan Transportation Authority Ded Tax)  Series 2016A  5.25%, 11/15/35

2.49%

2) State of Connecticut Special Tax Revenue    Series 2012  5.00%, 1/01/29

2.33%

3) Massachusetts School Building Authority  (Massachusetts School Building Authority Sales Tax)  Series 2011B  5.00%, 10/15/32

2.19%

4) Los Angeles Department of Water & Power PWR    Series 2013B  5.00%, 7/01/30

1.73%

5) City of New York NY    Series 2012I  5.00%, 8/01/28

1.49%

6) Miami Beach Health Facilities Authority  (Mount Sinai Medical Center of Florida, Inc.)  Series 2014  5.00%, 11/15/39

1.44%

7) Wayne State University    Series 2009A  5.00%, 11/15/29

1.39%

8) City of Orlando FL    Series 2014A  5.00%, 11/01/44 (Prerefunded/ETM)

1.37%

9) Chicago O'Hare International Airport    Series 2016B  5.00%, 1/01/41

1.31%

10) Port Authority of New York & New Jersey    Series 2014-186  5.00%, 10/15/44

1.30%

Sector/Industry Breakdown

Portfolio %

Revenue

Toll Roads/Transit

10.69%

Airport

9.50%

Health Care - Not-for-Profit

9.18%

Water & Sewer

5.80%

Revenue - Miscellaneous

4.90%

Higher Education - Public

4.79%

Electric Utility

4.07%

Port

1.46%

Prepay Energy

0.71%

Primary/Secondary Ed. - Public

0.57%

Senior Living

0.42%

Higher Education - Private

0.19%

SUBTOTAL

52.28%

Tax Supported

Special Tax

17.01%

State G.O.

7.29%

Local G.O.

6.42%

Tax-Supported Local Lease

2.82%

Tax-Supported State Lease

2.62%

SUBTOTAL

36.16%

Prerefunded/ETM

10.42%

Insured/Guaranteed

Guaranteed

0.80%

SUBTOTAL

0.80%

Cash Equivalents

Investment Companies

0.34%

SUBTOTAL

0.34%

Total

100.00%

State Breakdown

Portfolio %

New York

16.97%

California

15.38%

Texas

9.53%

Florida

6.85%

Connecticut

6.01%

Illinois

6.00%

New Jersey

5.87%

Pennsylvania

5.62%

Michigan

5.53%

Massachusetts

2.61%

Hawaii

1.76%

Washington

1.62%

Alabama

1.60%

Kentucky

1.41%

North Carolina

1.41%

Colorado

1.27%

Louisiana

1.16%

Tennessee

1.15%

Maryland

1.06%

District of Columbia

1.03%

Oregon

0.85%

South Carolina

0.80%

Georgia

0.79%

Utah

0.74%

Arizona

0.71%

Indiana

0.47%

Minnesota

0.45%

Arkansas

0.32%

Missouri

0.31%

Oklahoma

0.27%

Wisconsin

0.11%

Ohio

0.00%

Other

0.34%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

8.92%

AA

46.27%

A

21.39%

BBB

11.21%

BB

0.27%

B

0.30%

Not Rated

0.88%

Pre-refunded Bonds

10.42%

Short-Term Investments

0.34%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.72%

1 to 5 years

0.89%

5 to 10 years

9.60%

10 to 20 years

66.96%

20 to 30 years

21.09%

More Than 30 years

0.74%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

9.98%

Average Coupon:

5.16%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.36%

Tender Option Bonds:

4.86%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.99%

Total Fund Leverage:

41.21%*

Average Effective Maturity:

7.02  Years

Effective Duration:

5.44  Years

Total Net Assets:

$511.53 Million**

Common Stock Net Asset Value:

$14.59

Number of Holdings:

170

Portfolio Turnover:

14%

* The total percentage of leverage constitutes 4.86% through the use of tender option bonds, 14.36% in issued and outstanding APS,21.99%  in issued and outstanding VMTPs and 0.00% in investment operations, which may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.

** Includes $92,125,000 of APS at liquidation value.The Fund also had outstanding $141,100,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L.P.